Xue Jin Zheng pays $2.6M for 8-unit walkup in Lower East Side

Xue Jin Zheng through the entity We On Ludlow LLC paid $2.6 million to Cheuk Lam Yip through the entity 41-43 Ludlow Street Realty Corp. for the eight-unit residential walkup building (C7) at 41-43 Ludlow Street in Lower East Side, Manhattan. The expected use is cash flowing.
The deal closed on January 27, 2025 and was recorded on February 10, 2025. The property has 8,458 square feet of built space and 4,704 square feet of additional air rights for a total buildable of 13,171 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $313 and the price per buildable square foot is $201 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Cheuk Lam Yip was John Yip. The signatory for Xue Jin Zheng was Xue Jin Zheng. The contract date was October 25, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Xue Jin Zheng had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Cheuk Lam Yip had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes John Yip, head officer and Elaine Yip, officer. The business entity is 41-43 Ludlow St Realty Corp. The 8,458-square-foot property generated revenue of $334,345 or $40 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 8 residential units in Lower East Side has 8,458 square feet of built space and 4,704 square feet of additional air rights for a total buildable of 13,171 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 87 feet deep with a total lot size of 2,188 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $2.8 million. The property has 8 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $125 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the 17 commercial properties representing 106,019 square feet of the 219,562 square feet. The largest owner is Nyc Department Of Education, followed by Paul Stallings and then Rita Chou.
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 219,562 square feet of built space are specialty buildings, with elevator buildings next occupying 27 percent of the space.

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